In an impressive ascent, Bitcoin reached a two-year high on Monday, propelled by a surge in investments flowing into exchange-traded funds (ETFs) linked to the world’s most renowned cryptocurrency. The digital currency surpassed $65,000, edging closer to its previous record levels.
As of 04:25 ET (09:25 GMT), Bitcoin exhibited a robust 5.7% gain, settling at $65,015.60. Earlier in Asian trading, the cryptocurrency had peaked at $64,285, marking its highest valuation since 2021. In a noteworthy performance this year, the digital asset has accrued a market value increase exceeding 50%.
The rally in Bitcoin also saw a positive ripple effect on stocks associated with the cryptocurrency market. In premarket trading on Wall Street, notable gains were observed for crypto-exposed stocks, including Coinbase Global (NASDAQ:COIN), and crypto mining companies such as Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK).
The catalyst for Bitcoin’s remarkable 2024 surge can be attributed, in part, to the recent U.S. approval of ETFs directly tracking the cryptocurrency’s price. This regulatory green light has prompted a substantial influx of institutional capital into the digital token, further fueling its upward trajectory.
Meanwhile, Ethereum, a prominent counterpart to Bitcoin, has also experienced positive momentum, fueled by expectations that it may soon witness similar ETF approvals. On Monday, Ethereum rose by 3.9%, reaching $3,520.90 and maintaining a position around two-year highs achieved in the preceding week. The cryptocurrency landscape continues to evolve rapidly, with institutional interest and regulatory developments playing pivotal roles in shaping the market’s dynamics.
